According to Ondo Finance's official blog, the company has completed its first cross-border transaction of a near real-time tokenized U.S. Treasury fund with Kinexys through J.P. Morgan, Mastercard, and Ripple. In the pilot, Ripple exchanged its holdings of Ondo short-term U.S. government bonds (OUSG) on the XRP Ledger. Ondo handled the redemption and sent fiat payment instructions via Mastercard Multi-Token Network, which were executed for clearing by Kinexys's blockchain infrastructure powered by J.P. Morgan, and the funds in USD were delivered to Ripple's bank account in Singapore.
According to Ondo Finance's official blog, the company has completed its first cross-border transaction of a near real-time tokenized U.S. Treasury fund with Kinexys through J.P. Morgan, Mastercard, and Ripple. In the pilot, Ripple exchanged its holdings of Ondo short-term U.S. government bonds (OUSG) on the XRP Ledger. Ondo handled the redemption and sent fiat payment instructions via Mastercard Multi-Token Network, which were executed for clearing by Kinexys's blockchain infrastructure powered by J.P. Morgan, and the funds in USD were delivered to Ripple's bank account in Singapore.